These SaaS Stocks Are Boosting the Nasdaq Tuesday
The bear market in stocks during 2022 has hit investors hard, and the damage has been particularly evident among tech stocks in the Nasdaq Composite (NASDAQINDEX: ^IXIC). After several years of outperforming other major market indexes, the Nasdaq has had to deal with many of its stock listings seeing steep share-price declines of 50% or more this year.
On Tuesday morning, however, it looked as though the Nasdaq would get some relief from Monday's sizable drop, with futures contracts posting gains of about a quarter percent in premarket trading early Tuesday. Among the bright spots on the Nasdaq were substantial gains for software-as-a-service (SaaS) stocks Gitlab (NASDAQ: GTLB) and Sumo Logic (NASDAQ: SUMO), both of which announced quarterly financial results that gave investors confidence in their ability to bounce back in 2023.
Shares of Gitlab jumped 18% in premarket trading Tuesday morning. The provider of development, security, and operations software released third-quarter results for the period ending Oct. 31 that showed that its enterprise customers continued to pursue their digital transformation efforts even in a slowing macroeconomic environment.
Source Fool.com
